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France Will Block Development of Facebook’s Libra in Europe
Bruno Le Maire, France’s Minister of the Economy and Finance, doesn’t seem to be a fan of Facebook’s Libra project. According to The Telegraph, Le Maire said that France would block Libra’s development in Europe because it poses a threat to “government sovereignty.” “All these concerns about Libra are serious,” Le Maire said. “I therefore want to say with plenty
Tencent to Take on Ant Financial’s Huabei With Upcoming Credit Payment Product
FinTech
Tencent, the Chinese internet giant, is reportedly cooking up a new credit-based payment product. According to the SCMP, the platform is called Fenfu and it works pretty much like a credit card. The new Fenfu tool will allow users who cannot get a credit card from a bank to have a virtual one via WeChat. In addition, it will grant
Binance US to Begin Accepting Deposits Next Week
The world’s largest cryptocurrency exchange will be hitting U.S. shores next week. Binance.US, according to a blog post on Medium, will be open for registration and deposits on September 18. The company says this will kick off the “first phase” of its U.S. expansion as it gradually rolls out products across America. After registration, Binance.US users get to select the
FATF Chief Says Agency Is Closely Monitoring Facebook’s Libra
The Financial Action Task Force (FATF), the global money-laundering watchdog, is keeping a close eye on Libra, Facebook’s upcoming cryptocurrency. Speaking to Reuters, Xiangmin Liu, the new chief of the FATF, said that the agency is closely monitoring developments with the Libra project and that they “want to make sure that if there are significant risks, they need to be
Telegram Releases Code for Billion-Dollar Blockchain Platform
Telegram, the encrypted messaging app giant, is reportedly thisclose to launching TON, it’s widely-anticipated blockchain platform. According to CoinDesk, TON is in the final stages of preparation and Telegram has released codes and documents for a testnet version of it on Friday. Developers can now check out a full node, a validator node, and the blockchain explorer. TON, which is
Binance to Launch NYDFS-Approved Dollar-Pegged Stablecoin
Binance , the world’s largest cryptocurrency exchange by trading volume, has announced that it will be launching a dollar-denominated stablecoin The cryptocurrency, called BUSD for Binance USD, will be launched in partnership with Paxos, a regulated financial institution, and comes complete with the blessing of the New York State Department of Financial Services (NYDFS). Rich Teo, Paxos co-founder and CEO
Jack Dorsey: Bitcoin ‘Not Functional as a Currency’
One of bitcoin’s biggest advocates had some interesting words to say about the popular cryptocurrency. Citing the Australian Financial Review (AFR), the Coin Telegraph reports that Twitter CEO Jack Dorsey does not believe bitcoin can function as a currency. Dorsey apparently told the AFR that while he believes bitcoin will continue to be widely adopted, he feels that “it's not
Franklin Templeton Launches Money Market Fund, Blockchain Style
Here’s something interesting, American asset management giant Franklin Templeton is launching a government money market fund – and it wants it on the blockchain. The fund will be called the Franklin Blockchain Enabled U.S. Government Money Fund, and per its prospectus, it will invest “at least 99.5% of its total assets in Government securities, cash and repurchase agreements collateralized fully
HSBC Completes First Blockchain-Based Letter of Credit Denominated in Yuan
Banking giant HSBC has carried out a blockchain-based letter of credit transaction denominated in Chinese yuan, Reuters reports. The letter of credit involved Hong Kong-based MTC Electronics exporting a shipment of LCD parts and panels to its parent company, Shenzhen MTC, across the border. The transaction was reportedly done in 24 hours, a fraction of the five to 10 days
How Big Data Analytics Is Used In Stock Market
FinTech, AI
The scenario of the Stock Market is constantly moving as millions change hands in a second. Some of the people are getting highly rewarded while others are getting impoverished in this extensively dynamic market. What makes the winners stand apart from the rest of the crowd is the ability to predict online stock trading behavior on a given day or